Samson: The Security Council holds a special session on Iraq today
The United Nations Security Council, the United Nations, on Wednesday, a session on Iraq at 6 pm Baghdad time.
UN Secretary-General Kofi Annan’s special representative for Iraq, Genin Hennes, is expected to brief on developments in Iraq and the United Nations Assistance Mission in Iraq in her first briefing after taking office in December.
A statement by the United Nations Mission in Iraq (UNAMI) said that Special Representative Jenin Hennes would brief on developments in Iraq and the United Nations Assistance Mission. The council will also discuss a report of the Secretary-General in advance to the Security Council. LINK
Don961: The sale of the currency in Iraq The destruction of the economy of Iraq and the revival of the economy of Iran
Bremer plans and Iran benefits and Iraq loses
Investor Shatha Khalil
Dr. Nabih Nadeem Al-Obaidi summarized the working paper presented at the first conference of the Iraqi-American National Friendship Association on 5 January 2019, the seriousness of the currency auction in the destruction of the Iraqi economy and the extent of Iran’s benefit from it:
The auction of the currency contributes to the money laundering and recycling process in favor of Iran. He mentioned some analytical financial indicators that explain the systematic destructive role of this auction:
The question … For the benefit of those who continue this sabotage activity, which is subject to the influence of senior officials in the political process linked to Iran? Iran has banking and financial institutions and covers of individuals and institutions supporting and supporting the financing of the economy and the expansionist expansion and Iranian terrorism.
The role of Iran’s sabotage and economic player in Iraq has become very clear, after the package of the US blockade of Iran, which is supposed to start the blockade of its mechanisms and procedures from Iraq to impose the ring.
Attempts by some “loyal” politicians to stop the currency auction implemented by the Central Bank of Iraq after 180 million dollars a day failed, but their attempts were unsuccessful in their boycott of organized corruption backed by militias and armed parties linked to smuggling networks inside and outside the country. Invoices are not within the jurisdiction of the Bank, but rather within the jurisdiction of the Department of Economic Crime of the Ministry of the Interior.
In the light of this corruption and the looting of public money, it was not unlikely that Iraq would be classified for two consecutive years as the most corrupt countries and its ill effects on the already weak Iraqi entity. These are some of the negative repercussions that have emerged in political, economic, social and cultural life.
• Destruction of the Iraqi economy.
• Deplete the central bank’s reserve of hard currency and gold bullion, which in turn affects local currency exchange.
• The growing phenomenon of money laundering.
• The instability of the economic situation, which directly affects the political situation.
• Exchange rate fluctuation.
• The Iraqi economy is subject to the fluctuations of the local market.
• The Central Bank reserve in 2009 declined to 35%.
• Loss of independence of the Central Bank of Iraq.
• The gap between the official exchange rate and the market price widens.
• Unemployment reached 39% and poverty reached 40%.
• Balance of payments deficit and low production capacity.
• The growth and spread of corruption and theft of public funds and weak social ties.
Economists, including Nabih al-Obeidi, stress the need to stop the currency auction, which weakened and destroyed the Iraqi economy, and limit the investment and smuggling of sales of the dollar auction from the Central Bank of Iraq to Iran to support its economy in the face of US sanctions imposed on it.
Based on the above, the economic expert Nabih al-Obeidi suggested the following treatments:
ü Cancellation of the decision of the sale of foreign currency and the instructions issued thereunder, and the appointment of the Office of Financial Supervision as a liquidator to review and check the contents of the auction and settle their accounts by the Office of Financial Supervision in accordance with the general and legal rules in the liquidation of accounts for companies.
ü The Central Bank issued a resolution obliging banks and private financial institutions to adopt self-financing in dollars to cover their needs in banking transactions, and to cover bank accounts for documentary credits, remittances, deposits with foreign banks, withdrawals and remittances of companies and individuals and within the limits permitted by the Central Bank.
ü Strengthen the control of the Central Bank on private banks and sections of foreign transfers and documentary credits to verify the issuers as accredited companies in the Chambers of Commerce and Industry of their countries, letters of guarantee and exporters banks and certificates of origin and examination of the third party inspection third to verify the authenticity of imports.
ü Subjecting the accounts of private banks to the audit and examination of records and documents and financial lists similar to the government sector and ratification of the government and the report to the Central Bank of Iraq an exception to the law of private companies for their connections and financial transactions with banks and foreign financial institutions in order to tighten control and reduce the smuggling of funds to Iran and abroad.
ü The central bank should provide private loans to banks in dollars through the bank deposit reserve in dollars, by linking the borrower’s bank with the reserve of the other bank (bank loan to a bank) and by informing the lending bank and settling for its account in the reserve.
ü Taking all the observations and reservations received from the Office of Financial Supervision on the Central Bank and respond to them and discuss and take action on them by the Council of Ministers and the legislative authority.
Reasons for Iran’s fear of stopping the auction of currency in Iraq:
ü The continuation of the auction contributes to revive the economic situation of Iran at the expense of Iraq by easing the economic embargo imposed by America on Iran and its failure through banks and companies employed for Iran, whether real or fake.
ü The issuance of the new currency by the Central Bank under the supervision of the World Bank and against the cash reserve of hard currency – dollar – a basket of currencies,gold cover for the value of the national currency issued and checks and documents documented the size of the currency and its categories and numbers after examination and receipt by a committee in the Central Bank,
The currency is not usually numbered by the printing press, but it is done in the central bank and it is done in the printing press, in the presence of representatives of the Central Bank and documentation.
The reserve allocated to the national currency is subject to an assessment of the World Bank’s control and inspection. Thus, what is rumored about the smuggling of part of the new currency into Iran is incorrect; it represents a threat to Iraq by forging the new currency by Iran and pumping it into the Iraqi market through its agents of Islamic party leaders And their militias who, through their real and imaginary companies, will buy the dollar from the dollar sale auction to the CBI.
ü The second threat If the auction is stopped, Iran and its influential agents in the political process and the government will flood the Iraqi market with the new counterfeit currency in order to reduce the exchange rate of the Iraqi currency against the dollar as a result of the increased demand for the dollar against the decline in supply on one hand, This is promoted by Iran and inflated for the purpose of preventing the issuance of a decision to stop the auction, and dependence on banks collusive, which will stop financing imports on the pretext of insufficient funding to create economic chaos on the one hand, and pressure on those who are the government complicit with Iran Lack of response to the siege Alomerreqi on Iran, on the other hand.
Related Articles Link Center:
1. Reports of the Central Audit Bureau on the Central Bank and observations and reservations about the currency auction for the years 2010-2018, the Registrar of companies from the sites ”
2. Ministry of Oil, Sumo Foundation, quarterly and annual reports of production and export and contractual prices.
3. News agencies
Economic Studies Unit
Center for Research and Strategic Studies